Miami-Dade prices and sales continue to climb

Demand continues to drive prices skyward even as inventories improve
September 19, 2013 01:03PM

Price evolution of single-family homes, courtesy of the Miami Association of Realtors (click to enlarge)

Homes and condos in Miami-Dade County continued to experience double-digit price appreciation in August, according to the Miami Association of Realtors, a fact that did not slow down sales.

Single-family home sales rose 15.1 percent to 1,210 transactions in August from 1,051 sales in August 2012. Condo sales gained 7.9 percent, up from 1,476 a year ago to 1,592 in August.

“The Miami real estate market continues to attract record numbers of domestic and international buyers and investors,” this year’s Miami’s realtors association chairman, Natascha Tello, said in a release.

Unprecedented demand for Miami properties is driving robust price appreciation even as inventories increase.

The median sales price of single-family homes in Miami-Dade surged 20.5 percent to $235,000 year-over-year and 2.2 percent compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 26 months, spiked 27.5 percent to $180,500 compared to a year earlier and 5.3 percent compared to the previous month. — Emily Schmall